Hiddn in continued process to merge with Tactilis, but Hiddn has also been approached by other parties of strategic interest, now being explored by Hiddn.
In December 2018, Hiddn entered into a Letter of Intent (LOI) with Tactilis Pte Limited (Tactilis) with the ambition to join forces and create a fast-growing industry leader within biometric authentication, encryption and smartcards.
The proposed business combination between Hiddn and Tactilis is depending on a satisfactory due diligence (DD) almost completed, but due to an earlier agreement Tactilis entered into before the announced LOI with Hiddn, Tactilis also had engaged into a process to merge their Malaysian daughter company with Global Invacom Group (GI), a Singapore based listed company and through this merger, obtain listing on the Singapore Stock Exchange. The arrangement with GI adds complexity to the Hiddn LOI. This complexity also influenced the speed and the progress with Hiddn. The timeline has subsequently been revised and the conclusion could potentially be postponed until after the process with GI has been finalized.
Following the technical DD, Tactilis and Hiddn have however agreed to enter into a cooperation agreement, where Hiddn will start implementing the Tactilis technology into the Hiddn solutions. Vice versa, Tactilis received the opportunity to implement Hiddn technology into their future roadmap. Hiddn still targets to introduce new Tactilis functionality and user friendliness to Hiddn products in the second half of 2019.
As the process with Tactilis obviously need more time to completion, Hiddn has been approached by a large privately-owned technology based, industrial group with the invitation to discuss a possible combination between Hiddn and their profitable operations. Hiddn has responded positively to this invitation and is now exploring the opportunities for Hiddn and the Hiddn shareholders. Hiddn will as soon as possible update the market about the outcome of these discussions.
In December 2018 Hiddn secured commitment from certain shareholders and new investors for a private placement of NOK 20 million. Details were issued in a separate announcement. To strengthen the company and to prepare for further strategic discussions, Hiddn expects to complete the private placement within short period of time.
For further information, please contact:
Carl Espen Wollebekk, CEO, telephone: + 47 930 55 505 /e-mail: cew@hiddn.no
Oslo, 18 March 2019
Hiddn Solutions ASA
About Hiddn Solutions ASA
Hiddn Solutions ASA is listed on the Oslo Stock Exchange under the ticker HIDDN. The company is offering impenetrable proprietary hardware-based authentication and encryption products with a superior level of security as well as a wider product suite addressing all market segments looking for solutions to ensure that sensitive information stays confidential and unavailable to unauthorised access. Based on Hiddn's unrivalled and proven position in the high-end encryption market, Hiddn is implementing a strategy of adapting the proprietary technology to the high-volume markets to take advantage of the growing global security challenges and the arising regulatory requirements. Hiddn has established a product offering that addresses all market segments from the high-end security clients to the retail market, and established partnerships with some of the most important sales and distribution partners in Europe. Hiddn sees significant growth opportunities and rising demand from customers and is well on its way to solidify its leading position in the growing market for secure data storage.
For more information, please visit: www.hiddn.no
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Tags: